What are the potential applications of Blockchain? Is it really going to change our lives?

The potential applications of blockchain technology are limitless; however, some industries have already begun implementing cryptocurrency and blockchain solutions. These industries range from finance and banking to healthcare, real estate, insurance, government, manufacturing, and others.

Blockchain promises to change the way we do business and create trust across industries, but what exactly does blockchain mean?

Understanding Blockchain

Blockchain technology is a cryptographic technology that provides a secure way of trading digital information between two parties.

"Blockchain" was coined by Satoshi Nakamoto, who designed bitcoin, the first cryptocurrency. Since then, other technologies have emerged that attempt to leverage the benefits of blockchains without having to reinvent the wheel.

There are different types of blockchains such as public blockchain, private blockchain, consortium blockchain, etc.

A Public Blockchain is a distributed ledger maintained by a peer-to-peer network that is accessible to everyone connected to the network. Examples of public blockchains are Bitcoin Cash, Bitcoin, and Ethereum.

A Private blockchain is a decentralized database created using smart contracts and operates independently of any centralized server. These do not rely on a central authority to maintain and verify transactions. Private blockchains have been implemented in industries including supply chain management and food traceability.

Consortium blockchains are a hybrid type of blockchains that connect several independent networks. They allow each member to access data and execute applications without requiring them to trust the entire system.

The question now is: How would you implement blockchain in a real-life situation?

Applications of Blockchain

Blockchain makes it possible to create global ledgers of any kind and easily transfer value between parties without relying on trust.

While the original concept may have been financial, the real-world applications of this technology are limitless. Use cases range from digital ownership provenance (where products and services can be tracked across the supply chain) to healthcare data integrity.

Application of Blockchain in Financial Services

As we've seen with digital currencies like Bitcoin Cash, blockchain technology can reduce fees, increase security, create transparency, lower risks of fraud, and provide faster transaction times. Many financial institutions have started research projects related to blockchain tech to provide alternative payment methods.

Blockchain Technology in Healthcare

The benefits of blockchain technology extend beyond financial investments to healthcare. It offers solutions to many problems associated with the medical industry. It is able to track patient records efficiently and provide a way to share medical data securely across multiple institutions. It is also able to reduce fraud and abuse, and increase transparency.

Blockchain Technology in Pharmaceutical Manufacturing Industry

A pharmaceutical company uses a complex supply chain to make its products. If someone were to tamper with a product along the way, they could potentially hurt consumers. Blockchain technology could help prevent this problem. Each step of production would be recorded on the blockchain. Any changes would be instantly visible and easily tracked. Drug companies could use blockchain technology to ensure that raw materials, finished drugs, packaging, and manufacturing processes remain safe, reliable, and consistent.

Blockchain Technology in Food Traceability

Food safety is an important issue in today's society. Consumers are becoming increasingly concerned about what foods are being produced, where their food comes from, and how it was processed. Blockchain technology enables food producers to stay transparent and accountable with regard to their operations. They can provide real-time updates about what is going on at the farm level, and how the food is stored, transported, and handled. Consumers can get access to accurate information about what they eat. All these factors contribute to consumer trust in the food supply chain.

Blockchain Technology in Insurance

Insurance providers need to protect themselves from fraudulent claims. In the past, insurance providers had to rely on third-party intermediaries to verify claims. As a result, there was no way to guarantee the validity of the claim. Using blockchain technology, insurance providers could create a trusted record of who did what, when, and why. Because of the immutable nature of the blockchain, there would be zero room for error. All claims would be verified and the original documents could be accessed if necessary.

Blockchain Technology in Humanitarian Aid & Development

Humanitarian aid is often difficult to administer effectively and inefficiently. Blockchains provide a way for people to receive assistance transparently and efficiently. By eliminating the middleman, blockchains offer a direct connection between donors and recipients. Donors can send money directly to beneficiaries rather than relying on an intermediary bank or organization. Blockchain technology also allows for faster processing times and lower fees. People could donate funds to specific projects rather than having to wait for the whole sum to go through before they can access the money.

Application of Blockchain in Real Estate

Blockchain technology can help developers build a safer, faster, cheaper, and more transparent platform for buying and selling homes. If homeowners were able to store valuable property information securely, realtors would no longer be susceptible to identity theft or fraudulent activity. Developers could easily access relevant market data to make informed decisions regarding housing prices and locations.